3M Co. on Friday closed the $6.7 billion purchase of wound care firm Acelity Inc., the largest acquisition in 3M's history.
The deal, which includes the assumption of $2.4 billion in debt, gives Maplewood-based 3M a business that is well regarded for advanced wound care dressings and therapies.
3M bought San Antonio-based Acelity and its KCI wound care subsidiaries from its investor owners: Apax Partners, Canada Pension Plan Investment Board and the Public Sector Pension Investment Board.
While Wall Street analysts noted that the price is a bit steep, 3M executives said Acelity brings unique technologies, 3,000 patients, 4,500 global employees and 2018 revenue of $1.5 billion. Its sales have been growing about 5% a year.
"This is an exciting day as we bring together two premier and innovative companies that are focused on delivering comprehensive health care solutions to enable better outcomes for patients," 3M CEO Mike Roman said in a statement.
He said the acquisition fits well with 3M's goal of increasing the size of what used to be a $6 billion health care business. 3M's medical solutions business has traditionally sold wound dressings, medical tapes, sterilization products and patient warming devices such as the Bair Hugger.
3M's stock price rose 3.8%, or $5.79, to close at $158.10 Friday.